Step 1: Use property of inverse of scalar multiple.
For any matrix \(A\) and scalar \(k\):
\[
(kA)^{-1} = \frac{1}{k}A^{-1}.
\]
Step 2: Apply the formula.
\[
(8A)^{-1} = \frac{1}{8}A^{-1}.
\]
Step 3: Substitute the given value of \(A^{-1}\).
Given:
\[
A^{-1} = \frac{1}{8}B.
\]
So,
\[
(8A)^{-1} = \frac{1}{8} \times \frac{1}{8}B.
\]
Step 4: Multiply the constants.
\[
= \frac{1}{64}B.
\]
Step 5: Simplify the expression.
Thus, the inverse becomes:
\[
(8A)^{-1} = \frac{1}{64}B.
\]
Step 6: Verify the concept.
Scaling a matrix scales its inverse inversely, hence factor appears squared here due to substitution.
Step 7: Final conclusion.
Thus, the correct answer is option (C).
Final Answer:
\[
\boxed{\frac{1}{64}B}.
\]