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Trojan holds PC files for ransom

The trojan turns files into gobbledegook, holding them to "ransom"
A unique new kind of malicious threat which locks up files on a PC then demands money in return for unlocking them has been identified.

The program, Trojan.Pgpcoder, installs itself on a vulnerable computer after users visit certain websites.

It exploits a known vulnerability in Microsoft's Internet Explorer (IE).

Net security firm Symantec said the program had not spread quickly, but was another example of rising criminal extortion activity on the net.

The malware - harmful software - was first identified by US net security firm Websense.