How is computer storage measured?

In its most basic sense computer storage is measured in bits with each bit storing a binary number of either a 0 or a 1. This then expands to a byte which is 8 bits followed by a kilobyte(KB) which is technically 1024 bytes. Expanding from this there are megabytes(MB) which are 1024 kilobytes and gigabytes(GB) which are 1024 megabytes and are the most common size currently used in data storage.