Updates include things like a detailed disclosure of all data that is collected that could be considered PI (IPs, machine fingerprints, names, emails, etc.), GDPR-related requests, the third parties (sub-processors) I use to run my business, and the responsibilities of my company as a data processor, and my customers' responsibilities as data controllers.
I've been looking over a lot of other GDPR privacy policies and terms as inspiration, so I know what needs to be covered for my particular business, to see how they go about structuring their contracts, etc.
That, and I have been implementing adjustments to data retention (logs, backups, etc.), explicit consent, record deletion (luckily I never did soft deletes), etc.
I may hire a tech lawyer to look it over after I'm done and recommend that I make adjustments where needed.