Hard drives (specifically those that use a disc) store their data on the disc by making tiny magnets on the disk. It can read that data back by measuring the magnetic field it creates in that spot. Another magnet can mess up the hard drive while it’s trying to read, or more dangerously when it’s trying to write to the disc. This causes the data on the disc to be written incorrectly, thus making it unreadable.
Other devices, it varies, but it generally works on the principle that current makes a magnetic field, and conversely a magnet can interfere with a current flowing.
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