Secure Digital, in reference to the fact that you can flip the switch and secure it. I had to search it to be sure, but that's what I thought it stood for.
Some people think it stands for SanDisk because SanDisk makes them (among other companies). But no. Though SanDisk was involved in creating the format, it never stood for SanDisk... though they may have helped choose the name because they both have the initials SD.