Intensity refers to the amount of energy carried by a wave through a surface that is perpendicular to the direction of propagation, per unit area per unit time. So in order to define the intensity of a wave, we first need to define the energy carried by the wave. In order to define the energy, we need to know the Lagrangian or the Hamiltonian that governs the wave. It is not enough just to know the equation of motion that the wave obeys.
A wave equation of the form
$$\nabla^2 y = \frac{1}{v^2} \partial_{tt} y$$
arises as a consequence of a Lagrangian density of the form
$$ \mathcal{L} = \frac{\mu}{2} (\partial_{t}y)^2 - \frac{\tau}{2} \|\nabla y\|^2 $$
(For mechanical waves, $\mu$ is the density of the medium, and $\tau$ is the "stiffness". However, the above mathematical formulation also applies to other kinds of waves, such as electromagnetic waves.)
You can verify that applying the Euler–Lagrange equations to the above Lagrangian density gives you back the wave equation (where $v = \sqrt{\tau/\mu}$).
By applying Noether's theorem to this Lagrangian density, we can derive the conserved energy density,
$$ u = \frac{\mu}{2} (\partial_t y)^2 + \frac{\tau}{2} \|\nabla y\|^2 $$
From this expression it's evident that if $y$ is increased by a factor of $k$ then the energy density $u$ is increased by a factor of $k^2$. The same is then true for the intensity.