Let's start with some definitions for this one.
Prime factorization means breaking down a number into a list of all its prime factors. A few examples:
Can you come up with a different way to multiply only prime numbers to get 15? or 28? I know I can't! Prime factorization is unique - that means for every single whole number, there is only one way to break it into prime factors. Changing the order doesn't count (3 x 5 is the same as 5 x 3) and repeats do count (2 x 7 is not equal to 2 x 2 x 7).
For a more detailed explanation of prime factorization with more examples, see MathIsFun.
Since prime numbers cannot be divided by anything except themselves and 1, they can operate as 'building blocks' for different fields of math. Cryptography is the science of secret codes, and relies on very, very large prime numbers to make those secret codes almost unbreakable.
For very big numbers, it is tough to computers (and people!) to figure out if a number is prime- and if not, what are its factors? In fact, several groups are offering cash prizes to those who can discover a new prime with more than one hundred digits.
News Article about Primes and Encryption, from ABC.net
Is 1 prime? Find out why it is not at Scientific American