Why not also have a look at our guide here on implementing Cookie Management & Consent? That way, you can be sure that you are doing all you can to comply with GDPR regulations.
From within your Web Builder editor, click on Settings from the left menu and then choose Privacy Settings.
On the page that takes you to, click on the option Customize Privacy Page.
Once you have made the necessary text changes, as usual, the page will not go live until the website is published via the link in the top right of the editor.