A $\sigma$-ideal is an ideal (with additional conditions) in the representation of the $\sigma$-algebra $\Sigma$ as a Boolean ring.
Every Boolean algebra can become a Boolean ring by taking the ring addition to be $A\oplus B=(A\sqcap \overline B)\sqcup(\overline A\sqcap B)$ and the ring multiplication to be $A\otimes B=A\sqcap B$.
In case of a subalgebra of the subset algebra (which a $\sigma$-algebra is), this works out as the ring operations in the Boolean ring being symmetric difference (with $\varnothing$ as additive identity) and intersection (with $X$ itself as multiplicative identity).
A ring ideal must be closed under multiplication (that is, intersection) with arbitrary $\sigma$-algebra elements, and this is exactly being closed under taking subsets.
A ring ideal must also be closed under finite unions, because $A\cup B=A\oplus B\oplus (A\cap B)$. A $\sigma$-ideal is additionally closed under countable unions, which cannot be expressed in purely ring-theoretic language.