Not Rust! That Canon top plate is brass that is chrome plated. The chrome has popped off, possibly from poor metal prep or contaminants in the brass itself or contaminated plating solutions. There isn't a cure outside of plating the piece again. Consider the missing chrome as you would consider "brassing" on a black painted camera body. It adds character and patina from honest use. :cool:
Brass! Well then, it's for sure not rust. No cure, hmm . . . .
Is there some way to neutralize it to keep it from getting worse? Probably not, since it's either under the plating or in the plating.
I'm going to have to read up on chrome plating and maybe visit a plating shop here in town and see if they have any ideas.
You're right, though--it adds character. :p