A honey pot is a security mechanism used to monitor, detect, and analyze attacks. It involves deploying decoy computer systems that appear to contain valuable information in order to attract cyber attackers. There are two main types - low interaction honey pots that mimic operating systems and high interaction honey pots that use real systems. High interaction honey pots provide more detailed information on attackers but also carry higher risks. When used properly with other security measures and by following best practices, honey pots can help organizations reduce risks while learning about attack methods.