It’s not rust, it’s a particularly virulent form of fungus; Rotor Blight. It looks just like rust, but if left untreated, it could spread throughout your bike (even carbon and Ti aren’t safe from it’s ravages), and ultimately, and very terrifyingly, to your crotch. Whereupon it will metamorphosise into Dreaded Scot Rot. You do not want this happening.
You need to clean it all off, and what you need, is alcohol. A fine Cognac is ideal. Maybe one or two measures to begin with, and more if you feel that you have the capacity for it.
Oh, and use some wire wool and Acetone to clean the discs.