Chelsea kept their seventh clean sheet in their last nine games in all competitions when they earned a point from a 0-0 draw at home against Tottenham Hotspur on Sunday.
Edouard Mendy has looked solid between the sticks since his arrival and veteran defender Thiago Silva has added experience and stability to the back four this season.
Chelsea were struggling at the back last season and conceded a glut of goals at the start of this campaign too.
Owen feels Lampard has finally sorted out his defensive structure this season and following a period of overcorrection at the back, the Chelsea manager has managed to strike the right balance between attack and defence.
The former striker said on Premier League TV: “It was one thing that was directed at Frank Lampard – his teams are okay scoring goals but they are not good at keeping clean sheets.
“He did have a little bit of trouble in changing it without hindering them going forward, so yes, they were not conceding, but they stopped scoring at the other end for a little while.
“Getting that balance was right is the key and I think he has got that now.
“In general, he has started to find the good balance and recently their defensive record has been good and they are one of the top scorers in the Premier League.”
Following a trip to Sevilla on Wednesday night, Chelsea will host Leeds United at Stamford Bridge next Sunday.