We investigate multi-photon interband excitation processes in an optical lattice that is driven periodically in time by a modulation of the lattice depth. Assuming the system to be prepared in the lowest band, we compute the excitation spectrum numerically. Moreover, we estimate the effective coupling parameters for resonant interband excitation processes analytically, employing degenerate perturbation theory in Floquet space. We find that below a threshold driving strength, interband excitations are suppressed exponentially with respect to the inverse driving frequency. For sufficiently low frequencies, this leads to a rather sudden onset of interband heating, once the driving strength reaches the threshold. We argue that this behavior is rather generic and should also be found in lattice systems that are driven by other forms of periodic forcing. Our results are relevant for Floquet engineering, where a lattice system is driven periodically in time in order to endow it with novel properties like the emergence of a strong artificial magnetic field or a topological band structure. In this context, interband excitation processes correspond to detrimental heating.