However, in my experience (disclaimer: the plural of anecdote is not data, I am very well aware of this), the frequency of worms and viruses that are released by script kiddies using commercially available malware is on the rise, and these are malicious and effective but not terribly sophisticated. Check my other thread for more on this.
In other words, what I am saying is that you are describing a very nasty theoretical worm - I am, however, describing to you a family of worms that is currently out in the wild and causing a hell of a lot of damage, and, as far as I know, actually does function in the way I describe. Filecryptor viruses can be made / purchased by any script kiddy jerk these days, and it seems to me that they do not function in this very sophisticated way you describe, but instead may actually be stymied by local encryption of files with passwords in them. (Or, rather, the distribution of your passwords to the virus owner would be stymied.)
I would very much like to know if is accurate or not. I understand that the devil is in the details, but if it is true, then I stand by my point that it seems unwise (borderline indefensible) not to encrypt local password stores - as there is a known valid threat. If it is not true, then I stand corrected - which happens all the time.
Either way, I am deeply interested to know.