A "squib" is basically the airbag. The airbag or "squib" will have 2 different circuits in it. #1 and #2.
This code is indicating an open circuit in squib #1........or circuit #1.
The majority of the time this is a failure of the clockspring assembly on the steering column just below the wheel, but this should really be diagnosed with the correct tools to prevent you from spending money on parts you may not need.