Suexec error "cannot stat program: (alt-php80)" and how to correct it (CloudLinux)

Symptoms

During a fresh install of alt-php80, you may encounter the following error.

Internal Server Error

When attempt attempting to view a page running in PHP

and in see the following in /usr/local/apache/logs/suexec_log

cannot stat program: (alt-php80)

Description 

The issue appears to be caused by the system not updating its configuration for its users to expose alt-php80 to all CageFS users.

Workaround

To correct this issue, run the following

cagefsctl --force-update