Every website that collects user data should have cookie consent banners or privacy notices. This applies to businesses and websites around the world. Due to the borderless nature of the internet, if someone in the EU — where the law was passed — were to visit your website and have their data collected, then the law (and the penalties for not complying with it) would apply to your website.
Protecting your business, won't cost you a fortune.
LEGAL TROUBLES WILL!