Since the process is thermally insulated, it is an adiabatic process.
For an adiabatic process, the relation between pressure and volume is given by:
\[
P_1 V_1^\gamma = P_2 V_2^\gamma
\]
where \( \gamma = \frac{C_P}{C_V} = \frac{5}{3} \) for a monoatomic gas.
Let \( P_1 \) and \( P_2 \) be the initial and final pressures, and \( V_1 \) and \( V_2 \) be the initial and final volumes, respectively.
We are given that the final volume is \( \frac{1}{8} \) of the initial volume:
\[
V_2 = \frac{1}{8} V_1
\]
Using the adiabatic relation:
\[
P_1 V_1^\gamma = P_2 \left(\frac{1}{8} V_1\right)^\gamma
\]
Simplifying:
\[
P_2 = P_1 \times 8^\gamma = P_1 \times 8^{\frac{5}{3}}
\]
Since \( 8^{\frac{5}{3}} = 8 \), we get:
\[
P_2 = 8 P_1
\]
Thus, the ratio of final pressure to initial pressure is \( \frac{P_2}{P_1} = 8 \).