The Gers skipper dismissed concerns over his side having conceded six goals in their last two matches.
The Gers lost 3-2 to Falkirk earlier this month before scraping past Queen of the South with a 4-3 victory on Saturday after conceding a total of just three in their previous 10 league matches.
However, Wallace says that their poor recent defensive record is down to misfortune rather than any inherent issue, and he insisted that the Glasgow side will learn from their mistakes in the last two matches.
The 28-year-old told the club's official website: "We’re definitely not concerned, we have looked back at the goals against Falkirk and now we have looked back at the goals from the weekend and they’re all highly preventable.
"It is not as though teams do have to work too hard to score against us so in many ways they have a freak nature to them. It is about us being better as individuals, learning from these mistakes and learning as a group and getting better.
"We can’t forget the run we were on with picking up clean sheets and how hard we were to play against and how hard teams found it to create chances against us. What we need to do as a group is get back to that as quick as we can."
Despite their defensive floodgates opening and dropping three points against second-place Falkirk, it is still surely only a matter of time before Wallace's side seal the Championship title and promotion back to the top flight.
The Gers are 14 points clear of Falkirk and can win the title before their cup double-header with Peterhead and Celtic if they win their next two matches.