Originally, the Borg were not intended to be the cyborg race they were, but a race of insects:
The Borg were initially conceived by Maurice Hurley as a race of
insectoids. Hurley wrote in to "The Neutral Zone" a plot point that
Federation and Romulan starbases along the Romulan Neutral Zone had
been mysteriously wiped out, having been "scooped off" ...
While there are many similarities between the two characters you mentioned, the overall appearance of both has plenty of precedents in science fiction.
The Marvel character Deathlok, introduced in 1974
The DC comic book character Cyborg, introduced in 1980.
The Judge Dredd character Mean Machine Angel, also introduced in 1980
The Terminator, from the ...
I might take flak for my answer to the question and things others have said in this thread but here it is anyway, namely a comprehensive approach to the origins of the Borg design:
There is solid evidence for Lord Dread being an influence on the Borg: https://en.wikipedia.org/wiki/Q_Who#The_Borg
Doctor Who fans (of whom I am one, albeit reluctantly at first)...