On a recent 3 day backpacking trip I had my IZULA-II with me and it rained for pretty much all 3 days, didn't stop until the afternoon of the 3rd day, the knife was wet pretty much 24/7 and only developed minor rust, I'll see if I have a picture of it before I cleaned it up.
Having said that, you really don't have much to worry about, if you want to be 100% safe, you could take a little thing of petroleum jelly and just wipe a small amount on the edge when it's not in use.
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Here is a picture of the knife after the trip, just light surface rust, about 80% of it came off after cutting some wood.
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