We show that weak periodic driving can exponentially strongly change the rate of escape from a potential well of a system driven by telegraph noise. The analysis refers to an overdamped system, where escape requires that the noise amplitude θ exceed a critical value θ(c). For θ close to θ(c), the exponent of the escape rate displays a nonanalytic dependence on the amplitude of an additional low-frequency modulation. This leads to giant nonlinearity of the response of a bistable system to periodic modulation. Also studied is the linear response to periodic modulation far from θ(c). We analyze the scaling of the logarithm of the escape rate with the distance to the saddle-node and pitchfork bifurcation points. The analytical results are in excellent agreement with numerical simulations.
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