The coating should protect it. As wolffbite said, the engraving would be the biggest risk, although mine has never rusted at all anywhere.
I stripped my coating off and forced a patina on the steel to give it protection. Even still, underneath the paracord is free of rust. I am also an avid kayaker and my Izula is around my neck on every journey, so that thing get's wet on a regular basis. The patina has protected it everywhere.
I wouldn't be concerned about it. There are somewhere in the neighborhood of 10,000 Izula's out there, and many of those are paracord wrapped, and I can assure you that a vast majority of those Izula owners have rust free knives...
It doesn't hurt to check it now and again, but like I said, I wouldn't be too concerned about it.