For English speakers it's a really not subtle hint that he's bad and evil. It's like naming a villain "Bad Man". The name Sidious by itself isn't a word, but it's probably derived from the word insidious.
Google defines the word insidious to beas
Proceeding in a gradual, subtle way, but with harmful effects.
whichWhich is a good description of what Darth Sidious/Palpatine did in the prequel trilogy.