Why do I need it?
Because everyone has a constitutional right to know when, how and if their personal information will be used for marketing purposes, and to whom they will be transmitted to, if they will be transmitted at all.
Who regulates these terms?
The protection of personal information is codified in Hungarian law as one of the most important basic human rights, but there is also an addendum, namely the 2011 CXII, which regulates the use and independence of your personal information.
How is this relevant to business?
These laws state that every company needs to present a disclosure (aka a data security disclosure) to any party involved, that lets the parties involved know just how and when their information will be used, and how that can affect their person. Making and displaying a data security disclosure is the easiest way to comply with these laws.
Because the company using the data has to be able to prove that they have displayed such a data security disclosure, the easiest thing to do is to have the disclosure be in a set place on the website, that can be viewed by and all persons who use their services or visit their website. The persons in question need to consent to the kind of use of their information that may occur when visiting the website. This means that these disclosures have two important parts: a briefing and a means of consent.
What if I neglect to do this?
Than you will be subject to a fine that can reach 20 million HUF for failure to provide adequate information to your constituents, thus engaging in fraud and in violating the basic human rights of your customers or visitors, and this law is heavily under the radar of the responsible legal bodies.